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EURUSD: market awaiting US labor report

Previous:On Thursday trading on the euro closed up. The EURUSD rally was caused by the overall weakening of the US dollar against the background of weaker-than-expected US labor market data and a drop in the yield on 10-year US government bonds.

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Gold price has made a new higher high yesterday but price is still stuck around the 38% Fibonacci retracement level. Price is challenging the short-term bullish channel. Trend remains bullish but a break below $1,220 would bring bears back in the game.

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EURUSD: pair expected to rise to 1.1391 in the first half of the day's trading

Previous:On Wednesday EURUSD traded sideways within a 50-pip range. As the US session was closed, volumes were low and volatility was high. In the first half of the day's trading in Europe, the euro rose to 1.1361. Good news came from the strengthening of the pound and news on the progress in the negotiations between Rome and Brussels. Sellers used a thin market and followed in buyers' footsteps. With growth above 1.1320, buyers began to reenter long positions.

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On Thursday, the 6th of December, the macro calendar is rich in important data releases, so the global investors should keep an eye on German Factory Orders data, ADP Non-Farm Employment Change data form the US, Housing Starts and Trade Balance data from Canada and ISM Non-Manufacturing data form the US. There are speeches scheduled for today from BoC Governor Stephen Poloz, FOMC Member Raphael W. Bostic and BOE Deputy Governor for Markets & Banking Sir David Ramsden.

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On Wednesday, the 5th of December, the event calendar is quite rich in important data releases and the event of the day is the Bank of Canada interest rate decision during the NY session. Moreover, the other data scheduled for release are PMI Services and PMI Composite from across the Eurozone, PMI Services data from the UK and the Retail Sales data from the Eurozone. There is a speech from Fed Chairperson Jerome Powell scheduled later today as well.

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Gold price is moving higher as expected after breaking above $1,230. Short-term trend remains bullish as price challenges the October highs. Price got rejected at the October highs and is pulling back. There no change in short-term trend as long as price remains inside the bullish channel.